The Philippine Retirement Authority (PRA) and the City of Dumaguete have reinforced their drive building up the city as a Retiree-Friendly Area through a Memorandum of Agreement (MOA) signed today (September 23) and witnessed by officials from both agencies led by PRA CEO/General Manager Atty. Bienvenido K. Chy and Mayor Felipe Antonio Remollo.
Pursuant to this newly forged MOA, a PRA help desk will be established at the City Tourism Office that will offer services to potential and existing clients to obtain and retain SRRVs.
It is expected that with this partnership, accreditation of more local business establishments, retirement facilities and other service providers is expected as an outcome concurrent with the possible surge of foreign and local retirees.
In 2018, PRA deemed the City of Dumaguete as the Best Place to Retire in the Philippines as it scored 97.48 in accordance with the criteria set by international organizations like the United Nations, World Health Organization and International Living.
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The MOA signing paves the way for a stronger tie and long-term partnership as both PRA and the City are expecting the influx and registration of retirees who would like to become permanent residents in Dumaguete City and Negros Oriental without necessarily giving up their citizenship.
The SRRV is a lifetime visa and its holders are exempt from Bureau of Immigration requirements. SRRV-holders are also eligible to work, study or invest in the Philippines.
According to the PRA (SRRV) is a special non-immigrant visa for foreign nationals who would like to make the Philippines their second home or investment destination.
As holders of SRRRV, retirees can enjoy indefinite stay with multiple-entry/exit privileges; exemption from customs duties & taxes for one time importation of household goods & personal effects worth up to US$7,000.00 Tax from pensions & annuities; exemption from the Bureau of Immigration ACR I-Card; conversion of the requisite deposit ranging from $ 10, 000 up to $ 50, 000 into active investments under the retiree’s name; pensions and annuities remitted to the Philippines are tax-free; exemption from securing the student’s visa study permit; free assistance in securing documents from other government agencies, among other benefits. (PIO)
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